Tennessee executives rank our state’s business outlook higher than the national averages.
Makes you proud to be a manufacturer or distributor in our state, doesn’t it?
Find out what drives these ratings, View the Report.
2018 TN Manufacturing Report Outline
- Tennessee Manufacturers work in all sectors of the economy and compete on regional, national and international stages
- Participants represent manufacturers of all sizes
Expectations of the Manufacturing Sector
- 66% of Tennessee Manufacturers expect the sector to expand
- 62% of National respondents expect the sector to expand
Optimism about the Economy
- Tennessee Manufacturers are more optimistic in all levels of the economy when compared to National respondents
Top Priorities for 2018
- Growing sales is the top priority for Tennessee manufacturers for 2018.
- Diverging from the trend, developing new products and services was a priority in 50 percent of Tennessee manufacturers, but only 40 percent of manufacturers nationally.
- Increasing costs of labor and technology are what Tennessee manufacturers expect most.
- Interestingly, raw materials were expected to have higher increases in costs nationally, relative to their Tennessee counterparts.
Opportunities to Grow Sales
- Tennessee manufacturers see their main opportunity to grow sales as being organic within the US.
- The second most selected opportunity for growth was the development of new products and services
Risks for growth in Tennessee?
- What are the greatest expected barriers and risks to your business growth in 2018?
R&D Growth Strategies
- Manufacturers that invest in R&D expect significantly greater growth in 2018, and a significantly higher percentage of them believe their sectors will grow.
M&A Growth Strategies
- As competition is high, Tennessee manufacturers are considering significantly more strategic growth through acquisition as compared to the national consensus.
- A 12% year over year increase in hiring expectations for Tennessee manufacturers
- Competition for talent will increase as more manufacturers grow.
- How will your organization stand out to potential employees?
- 50% of Tennessee manufacturers plan to hire.
- As a result, Tennessee manufacturers plan to increase wages to meet their staffing needs
- Increasing productivity and efficiency was noted as a key driver for technology strategy
- More efficiently gaining access to relevant data was selected by more than half of Tennessee respondents
- Cybersecurity, by far, is the top technology focus for manufacturers.
- Tennesseans are exploring the Internet of Things and Predictive analytics more so than national manufacturers
Find out what drives these ratings, view the report.